This paper analyzes the risk attitude and investment behavior of a group of heterogeneous consumers who face an undesirable background risk. It is shown that standard risk aversion at the individual level does not imply standard risk aversion at the group level under efficient risk sharing. This...

As shown in a companion paper (Balter et al., Solving Maxmin Optimization Problems via Population Games, SSRN 4264811), solutions of a certain class of maxmin optimization problems can be found from symmetric Nash equilibria of related population games. In this paper we give sufficient...

It is clear that people do not always behave in a rational manner. Sometimes they are presented with too much information or they may want to make a quick decision. This may cause them to rely on cognitive shortcuts known as heuristics (rules of thumb). These cognitive shortcuts often result in...

Maxmin or minmax optimization problems arise in many applications. There is a classical connection between these problems and zero-sum games. This paper shows that, under certain conditions, maxmin solutions also arise from Nash equilibria of population games as studied in evolutionary game...

Cosmetic dermatology is a marriage between medicine and business. Research in cosmetic dermatology shares the fundamental principles of clinical and pharmaceutical research. Research team can help the decision makers by giving a realistic picture of the uncertainties involved. Certain...

Some social choice models assume that precise interpersonal comparisons of utility (either ordinal or cardinal) are possible, allowing a rich theory of distributive justice. Other models assume that absolutely no interpersonal comparisons are possible, or even meaningful; hence all...

Some social choice models assume that precise interpersonal comparisons of utility (either ordinal or cardinal) are possible, allowing a rich theory of distributive justice. Other models assume that absolutely no interpersonal comparisons are possible, or even meaningful; hence all...

This paper models the constitutional design process, and points out the importance of political communication (defined as the level of information about the social distribution of policy preferences that individuals hold, at the time of this process) on the "extent" of "democratic restraints" of...

At the beginning of the 21st century there are new expectations and challenges towards Technology Assessment (TA). Among these there is a new awareness on TA issues in education, in particular at universities. While TA was mainly an activity at extra-universitarian research institutions for a...

The main objective of this paper is to present a reading of The Arcades Project by Walter Benjamin in the context of the financial crisis, in particular, reflect from a few fragments of Benjamin's work appear to lie around a Black Swan. The recovery of the fragments of The Arcades seems...